Microsoft gets its own MySpace

San Diego (CA) - Wallop, a new company that was spun off by Microsoft, announced the launch of the beta version of its social networking site that aims to compete with MySpace and Facebook. Wallop will also offer premium features that users will need to pay for.

The most noticeable change that sets Wallop apart from its already defined competitors is the graphical user interface. Wallop says that the "point-and-click simplicity", combined with the ease of customization options, are what online social network fanatics want. For example, MySpace offers a standard template for all users, but those who are HTML savvy can customize their page on an infinite scale.

Wallop says that their platform gives users a more simplified approach, with a slate of customization options that do not require any knowledge of HTML programming.

According to Wallop, this new site will be the first of its kind to offer a "social computing site with a marketplace." Users will be able to purchase graphics and other features to customize their profile pages. Wallop CEO Karl Jacob says these add-ons will initially cost between $1 and $4.

Reportedly, more than four years of research are behind this project, meaning development began before the online networking explosion in the past year or two.

Right now, the site is available on an invitation-only basis. Wallop has not announced when the service it will be available to the public.